An electronic trading system generally includes a trading device in communication with an electronic exchange. The electronic exchange sends information about a trading market, such as prices and quantities, to the trading device. The trading device sends messages, such as messages related to orders, to the electronic exchange. The electronic exchange attempts to match quantity of an order with quantity of one or more contra-side orders.
Some messages and/or orders sent by the trading device to the electronic exchange may adversely impact the trading market. For example, messages attempting to place an order with a large price difference from a best bid or offer in the trading market may decrease trading market liquidity. In some examples, submitting orders and deleting the orders may decrease trading market liquidity.
Certain embodiments will be better understood when read in conjunction with the provided figures, which illustrate examples. It should be understood, however, that the embodiments are not limited to the arrangements and instrumentality shown in the attached figures.